Political donations and short and long-term debts (2006–2022, n = 3,404)
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | STD | STD | LTD | LTD |
| LDON | −0.001*** (−3.07) | 0.002*** (3.26) | ||
| DOND | −0.009*** (−3.08) | 0.026*** (3.26) | ||
| DUAL | −0.001 (−0.30) | −0.001 (−0.29) | −0.039*** (−4.75) | −0.039*** (−4.75) |
| BIGN | −0.008 (−1.58) | −0.008 (−1.59) | 0.038*** (4.68) | 0.038*** (4.69) |
| BOD | 0.002*** (2.97) | 0.002*** (2.97) | 0.004*** (3.18) | 0.004*** (3.19) |
| DIVD | 0.005 (1.53) | 0.005 (1.52) | 0.003 (0.28) | 0.003 (0.28) |
| MTB | 0.000 (0.66) | 0.000 (0.67) | 0.000*** (9.64) | 0.000*** (9.64) |
| FEMALE | −0.049*** (−4.30) | −0.049*** (−4.30) | 0.083*** (3.42) | 0.082*** (3.41) |
| BIND | −0.015* (−1.78) | −0.015* (−1.78) | 0.043*** (2.90) | 0.043*** (2.90) |
| AGE | 0.007*** (4.78) | 0.007*** (4.78) | −0.015*** (−5.49) | −0.015*** (−5.49) |
| SIZE | −0.001 (−0.99) | −0.001 (−1.01) | 0.018*** (7.50) | 0.018*** (7.52) |
| NDTS | 0.025 (0.85) | 0.025 (0.85) | −0.216 (−1.52) | −0.216 (−1.52) |
| LIQIUD | −0.002*** (−3.69) | −0.002*** (−3.69) | −0.003*** (−4.58) | −0.003*** (−4.58) |
| RISK | 0.167* (1.78) | 0.167* (1.78) | −0.296*** (−6.50) | −0.297*** (−6.50) |
| CAFLR | 0.015 (0.68) | 0.015 (0.68) | −0.113*** (−3.51) | −0.113*** (−3.51) |
| ROA | −0.094** (−2.24) | −0.094** (−2.24) | 0.016 (0.38) | 0.015 (0.37) |
| Constant | 0.063*** (3.05) | 0.063*** (3.06) | −0.188*** (−4.00) | −0.189*** (−4.02) |
| Observations | 3,404 | 3,404 | 3,404 | 3,404 |
| Adj-R2 | 0.097 | 0.097 | 0.235 | 0.235 |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variables | ||||
| −0.001 | 0.002 | |||
| −0.009 | 0.026 | |||
| −0.001 (−0.30) | −0.001 (−0.29) | −0.039 | −0.039 | |
| −0.008 (−1.58) | −0.008 (−1.59) | 0.038 | 0.038 | |
| 0.002 | 0.002 | 0.004 | 0.004 | |
| 0.005 (1.53) | 0.005 (1.52) | 0.003 (0.28) | 0.003 (0.28) | |
| 0.000 (0.66) | 0.000 (0.67) | 0.000 | 0.000 | |
| −0.049 | −0.049 | 0.083 | 0.082 | |
| −0.015 | −0.015 | 0.043 | 0.043 | |
| 0.007 | 0.007 | −0.015 | −0.015 | |
| −0.001 (−0.99) | −0.001 (−1.01) | 0.018 | 0.018 | |
| 0.025 (0.85) | 0.025 (0.85) | −0.216 (−1.52) | −0.216 (−1.52) | |
| −0.002 | −0.002 | −0.003 | −0.003 | |
| 0.167 | 0.167 | −0.296 | −0.297 | |
| 0.015 (0.68) | 0.015 (0.68) | −0.113 | −0.113 | |
| −0.094 | −0.094 | 0.016 (0.38) | 0.015 (0.37) | |
| 0.063 | 0.063 | −0.188 | −0.189 | |
| 3,404 | 3,404 | 3,404 | 3,404 | |
| 0.097 | 0.097 | 0.235 | 0.235 | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes |
Please refer to Table 2 for operational definitions. Robust t-statistics in parentheses ***p < 0.01; **p < 0.05; *p < 0.1